SOURCE: Vanguard Mining Corporation

August 28, 2014 09:00 ET

Vanguard Mining Corporation to Develop Gypsum Mine in Nusa Tenggara Timur With Yupolo Resources

NEW YORK, NY and JAKARTA, INDONESIA--(Marketwired - Aug 28, 2014) - Vanguard Mining Corporation (PINKSHEETS: VNMC) announced today that the Company has signed a Memorandum of Understanding to acquire an 80% equity interest in Yupolo Resources, an Indonesian company, in exchange for a combination of cash and stock, and co-develop a 3,500-hectare gypsum and limestone concession in Nusa Tenggara Timur, Indonesia.

Both companies will promptly enter into a definitive agreement for the contemplated sale and purchase and plan to close this transaction within 45 days after the signing of the definitive agreement, subject to further satisfactory due diligence review.

The gypsum deposits at this concession are of high quality (purity of 85 - 95% CaSO4.2H2O) and estimated to be in excess of 30 million metric tonnes while the limestone deposits are approximately 400 million metric tonnes.

Located in the District of East Solor, Solor Island, Regency of East Flores, Province of Nusa Tenggara Timur, Indonesia, the proposed mine spot of the concession is only four kilometers from the new expanded Menanga Sea Port. 

VNMC and Yupolo Resources intend to develop this concession in four stages:

Stage 1:
Gypsum & limestone mining to produce up to 2 million MT of gypsum & limestone/ year by the second year of production for both local markets and exports. Yupolo Resources already has committed buyers.

Stage 2:
Clinker plant (capacity 250,000 to 500,000 MT of clinker/ year to meet the demand of cement plants in the local region).

Stage 3:
Mini cement plant with capacity of 100,000 to 200,000 MT cement/ year (cement consumption in the surrounding areas is over 3,000,000 MT/ year with double digit growth rate).

Stage 4:
Integrated cement plant with capacity of 1 to 2 million MT cement/ year.

Choky Simanjuntak, Chairman and CEO of Yupolo Resources, said, "We are pleased to cooperate with Vanguard Mining Corporation to develop this concession and are confident that our products will be able to meet part of the growing demand of gypsum, limestone, clinker, and cement for the domestic as well as the export markets."

Quang Le, Executive Vice Chairman of VNMC, said, "We are very excited at the prospects of this development opportunity with Yupolo Resources and glad that we already have ready buyers for this high-quality gypsum product."

About Vanguard Mining Corporation
Vanguard Mining Corporation, a Nevada corporation established in 1987, is currently building and developing a portfolio of mineral assets in Southeast Asia, including gold, copper, limestone, manganese and iron sand in Indonesia. The company has also investigated mineral asset opportunities in other geographical areas. http://www.vnmcglobal.com

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

Contact Information

  • Contact:

    Quang Le
    Executive Vice Chairman
    Vanguard Mining Corporation
    +84-93-5978799
    Email Contact